Bualuang highlights four investment themes for August, focusing on dividends and Satellite Alpha

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Summary · why it matters

Bualuang Securities recommends an August investment strategy using a Defensive Yield Core theme alongside Satellite Alpha through four main themes. It sees the SET Index likely moving in a range of 1,600 to 1,700 points, driven by a broad-based earnings recovery, reflected in SET EPS being revised up by 4.2 percent in July and 6.3 percent since the start of the year. The Core themes consist of the Thailand Power Infrastructure Cycle, supported by data center investments, with electricity demand in the Eastern Economic Corridor reaching as high as 26,045 megawatts while the system can only accommodate 18.7 percent, benefiting stocks like GULF and GUNKUL. The Higher for Longer Defensive-Dividend Rotation theme is expected to see fund inflows into high-dividend stocks, especially in the communications sector where earnings are still growing, such as ADVANC, whose second-quarter 2026 profit is forecast to rise 24 percent year-on-year, and TRUE, up 48 percent year-on-year. For the Satellite Alpha themes, the firm recommends gradual accumulation on price weakness. These include Policy-driven Tourism Recovery, where the tourism sector is expected to have passed its earnings trough in the second quarter of 2026, aided by government measures worth 1.75 billion baht to stimulate the sector, supporting stocks like ERW. The Selective Consumption Recovery theme highlights pockets of consumption still growing, such as COM7 with sales up 8 to 10 percent year-on-year and ADVICE up 13 to 15 percent year-on-year, benefiting stocks like CBG.

Impact on assets 8

Consumer Discretionary▲ · 3 stocks
Com7 PCL
COM7
▲ PositiveDemandrelevance

Sales up 8-10% YoY, highlighted in Selective Consumption Recovery theme.

Energy Transition & Power Demand▲ · 2 stocks
Cloud & Digital Infrastructure▲ · 2 stocks
Consumer Staples▲ · 1 stocks
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